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In opinion of Axel Rudolph, Senior Analyst at Commerzbank, the pair’s bullish stance remains intact while above the 1.2915/1.2885 band.

Key Quotes

USD/CAD‘s rally off its October low at 1.2783 has taken it to its October high at 1.3169, very close to our 1.3175/1.3225 target zone we mentioned a month ago. It consists of the August and September highs and is still expected to be reached in the near future”.

“Further up the July high can be seen at 1.3289 and the June peak at 1.3386″.

“Slips should find support between the 55- and 200-day moving averages at 1.3026/1.2948″.

“Further support comes in between the August, September and mid-October lows at 1.2918/1.2885. While this area underpins we will retain our still bullish forecast”.